Insert EU Currency Field into the 12 Month Income Statement and eSign it in minutes

Aug 6th, 2022
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How to Insert EU Currency Field into the 12 Month Income Statement

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sage 50 includes a 12 period income statement as one of the standard reports but recently i had someone ask for a 12 period balance sheet and as i was explaining how they could make one i realized itd be a perfect example to show how flexible and easy to use the sage 50 financial statement designer is so lets take a look at how easily we can do this were going to start by going to the reports and forms menu and choose financial statements and were going to use that standard income 12 period as part of our our basis for building the new report because we can copy building blocks from various reports and use them in new reports so with that selected im going to click the design button up at the top and so here you can see the 12 columns defined there so im going to right click there on the column description im going to choose copy well close that if it happens to ask if you want to save your changes just tell it no then you want to pick the balance sheet format that you want to

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The effect of a change in the functional currency is accounted for prospectively. Therefore, an entity translates all items into the new functional currency using the exchange rate at the date of change. The resulting translated amounts for non-monetary items are treated as their historical cost.
The gains and losses arising from foreign currency transactions that are recorded and translated at one rate and then result in transactions at a later date and different rate are recorded in the equity section of the balance sheet.
Foreign exchange transactions gains or losses are generally included in determining net income for the period in which exchange rates change. Foreign currency transaction gains and losses are included in operating income, not as an adjustment to the asset purchased.
The reporting currency is the currency in which a company will report its financial statements. A reporting currency must be one currency, which makes it easier to understand and follow financial documents.
The general rate type is used for the income statement, balance sheet, and other general purposes. The cash flow rate type is used for cash flow statements.
Foreign exchange gains and losses are not taxable and deductible respectively, if the gains or losses are: arising from capital transactions; unrealised; arising from a non-trade activity/transaction; arising from translation of foreign currency into presentation currency at the reporting date.
Unrealised foreign currency translation gains or losses as of the balance sheet date are usually accounted for under financial expenses or income on accounts 563 or 663 this relates to receivables, payables, stamps and vouchers, foreign currency treasury and foreign currency accounts.

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